Overview
Qualifying investment opportunities offered by the PIDC Regional Center will be recommended and monitored by PIDC. Current projects include manufacturing companies, professional firms, restaurants, hospitals and universities, as well as major real estate developments, among others. Investments will be made through separate limited partnerships. Each immigrant investor who seeks an EB-5 investor visa through the PIDC Regional Center will join a limited partnership. Limited partners will be actively involved in policy-making activities of their investment partnership to the extent permitted by the Revised Uniform Limited Partnership Act of 1976. The General Partner of each limited partnership will be CanAm, G.P., LLC or an affiliate.
An investment will be in the amount of $539,000, representing the minimum $500,000 capital required by the Program and an issue expense fee of $39,000. Please note that legal fees related to services provided by an immigration attorney are strictly between the investor and his or her attorney and not included in this fee.
The USCIS requires that some financial risk be inherent to an investment and that third party investment guarantees not be allowed. As a result, we cannot guarantee the investment return. However, subject to these requirements, we do make all best efforts to minimize the amount of risk by ensuring that the investment is properly collateralized and that the partnership is in strong financial standing. The PIDC Regional Center pools multiple investors together into one project, which means the project itself will be larger and financially more stable than it would be for an individual investor alone.
Subscription Procedures
Procedurally, interested investors will receive comprehensive offering materials that will describe in detail the U.S. immigrant investor program, and the PIDC Regional Center as well as one or more proposed qualifying investments recommended by PIDC and the General Partner. Investors who approve of a particular qualifying investment will be required to execute a subscription agreement to a designated PIDC Regional Center limited partnership and to deposit a capital investment in the amount of $539,000 with the escrow agent for the Fund.
Priority will be given to qualifying investors as determined by the General Partner in the order that their respective capital investments are received. Capital investments will be returned in the event of over-subscription. Qualifying investors currently in the U.S. on a non-immigrant visa need to be an accredited investor. An accredited investor is a term defined by various security laws that describes investors permitted to invest in certain types of higher risk investments, limited partnerships, hedge funds and angel investor networks.
In the U.S. an individual is considered to be an accredited investor if he or she has a net worth of at least $1 million US dollars or has made at least $200,000 US dollars each year for the last two years ($300,000 with spouse if married) and has the expectation to make the same amount in the current year. Investment amounts will be released to the designated limited partnership upon the approval of an investor's immigration application and to the investor in the event an investor's immigration application is denied.
Role of PIDC
PIDC will be retained pursuant to an advisory agreement to be entered into by the General Partner on behalf of each limited partnership to provide certain advisory and administrative services, as follows:
- identifying proposed qualifying investments
- completing due diligence investigations with respect to proposed qualifying investments
- providing accounting and reporting services in connection with qualifying investments made
- monitoring qualifying investments for job creation and other compliance requirements under the Program
- assisting qualifying businesses in obtaining future financing
The advisory agreement will be included in the offering materials for the relevant limited partnership and will set out the fees and other compensation chargeable by PIDC for its services under the advisory agreement.
Role of CanAm
The day to day management of each limited partnership will be conducted by the General Partner. The duties of the General Partner, which are included in the offering materials for the relevant limited partnership, and will be set out more fully in the limited partnership agreement, include:
- recommending qualifying investments to limited partners
- determining that proposed qualifying investments meet the minimum investment criteria
- determining that proposed qualifying investments meet the criteria for job creation under the Program
- monitoring the target business with respect to continuing qualification under the Program
- monitoring the qualifying investments and the financial performance of the target business
- supervising PIDC's performance of its obligations under the Advisory Agreement
- updating limited partners on the investment with semi-annual reports
- calling meetings of limited partners, as necessary
- maintaining limited partnership books and records
- retaining lawyers, auditors and other professionals as may be required on behalf of the limited partnership
The General Partner has retained PIDC, and each offering limited partnership will enter into an advisory agreement with PIDC, to provide certain advisory and administrative services to each limited partnership (see "Role of PIDC").
Target Industries
Business investment and development in the City of Philadelphia through the PIDC Regional Center will focus on several industry sectors with strong indications of expansion, growing employment needs, and high return on investments. The PIDC Regional Center will concentrate on financing projects and developing enterprises within these target industries:
Tourism: International and national tourism have always been important aspects of the Philadelphia economy. The City of Philadelphia has invested considerable efforts and funds in marketing a strong tourism and convention industry supported by a growing infrastructure of facilities, sights, and services. Despite recent national setbacks in the tourist industry, Philadelphia tourism seems to be maintaining steady expansion and growth. According to the Greater Philadelphia Tourism Marketing Corporation, the development of the City's hospitality and tourism sector promises to be the most prominent generator of new jobs well into the next 20 years. 
Specific enterprises that the PIDC Regional Center would target include: the hotel industry, restaurants, hospitality services, and those related to the convention center expansion.
Trade: The International Trade Administration, Department of Commerce, furnishes statistics for merchandise export sales by businesses located in 253 of the nation's Metropolitan Statistical Areas (MSA). Philadelphia County is the predominant area comprising the Philadelphia, PA-NJ MSA (PMSA). According to the Department of Commerce, the PMSA is the thirteenth largest in the country and accounts for $9.3 billion of the nation's international exports in 1999. The PMSA exports to most countries and every geographic region of the world. Import and export sales of manufactured products, particularly foreign sales, would be targeted enterprises within the trade industry, in particular: chemical products, industrial machinery and computers, electrics and electronic equipment.
Technology: Forefronting the high-tech industry has been and continues to be a strong component of Pennsylvania state legislature and spending, aimed at making the Commonwealth a leader in the high-tech industry nationally. Substantial attention is being paid to developing cooperative clusters of high-tech corporations and backing start-up companies around the major metropolitan regions, especially Philadelphia. The PIDC Regional Center hopes to take advantage of these state-wide and/or privately-administered funding programs, especially by linking high-tech start up companies with these funds as well as the technology development incubators in Philadelphia. Information and Biotechnology have become particularly important sectors of the high-tech industry. Providing services in these sectors of the industry, such as laboratory work, specialized transportation and storage services, and testing pharmaceuticals would be targeted enterprises within this industry.
Higher Education: Expansion, construction, and development of housing, facilities, and research areas have become primary concerns for institutions of higher education as have repair and maintenance to existing structures. As real estate remains finite for many colleges and universities, they turn towards innovative campus management programs to meet the demands of its faculty and students. With each new residence hall, student union, or research laboratory, staffing and providing all requisite services also becomes key. All 29 of Philadelphia's private institutions of higher education have planned and implemented programs to meet these demands, allocating million of dollars to these maintenance and construction projects. The PIDC Regional Center would aim to bid and invest in these projects as part of its investment strategy.
Transportation: Transportation—which is a vital component of the U.S. economy—moves people and goods, employs millions of people and consumes a large amount of the resources and services produced by other sectors of the economy. Industry case studies have long demonstrated the relationship between transportation and the economy, and this is becoming increasingly clear as trade and service industries become more and more dependent on reliable and efficient transportation networks. Considerable development efforts have been devoted to repairing, maintaining, improving, and expanding the transportation infrastructure and transportation services of both the Commonwealth of Pennsylvania and the Greater Philadelphia region. Trucking and warehousing, which comprise the largest sector of the transportation industry, will be a primary target enterprise for the PIDC Regional Center. Other examples of key areas that the PIDC Regional Center will target are the development of the City's port facilities and retail sales within transportation centers–such as the Philadelphia International Airport Marketplace.
The Navy Yard: Covering more than 1,200 acres at the southern tip of Philadelphia, The Navy Yard, formerly a U.S. Naval Base, is being developed by PIDC as a mixed-use, master-planned business campus that will serve as the premier business location in the Delaware Valley. The potential for the site to attract new corporate and small business tenants, to offer custom office space, to revitalize the city and to spur related economic development in the region is the focus of the development plan for the site.
Back to TopClosed Projects
All PIDC Regional Center projects are located in the City of Philadelphia and range across a number of industry sectors, including manufacturing companies, professional firms, restaurants, hospitals and universities, and major real estate developments, among others.
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Philadelphia Authority for Industrial Development (PAID) leasehold improvements to a building at the Navy Yard for Urban Outfitters' new corporate campus www.navyyard.org Investment amount: $2,500,000 Minimum job creation requirement: 50 |
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Continental Midtown restaurant www.continentalmidtown.com Investment amount: $3,000,000 Minimum job creation requirement: 60 |
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Lannett Company, Inc. pharmaceutical manufacturing www.lannett.com Investment amount: $4,500,000 Minimum job creation requirement: 90 |
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Duane Morris LLP law firm www.duanemorris.com Investment amount: $6,000,000 Minimum job creation requirement: 120 |
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Philadelphia Authority for Industrial Development (PAID) leasehold improvements to four buildings at the Navy Yard www.navyyard.org Investment amount: $2,500,000 Minimum job creation requirement: n/a |
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Tommy D's Home Improvement wholesale and retail hardware stores www.tommydsonline.com Investment amount: $2,500,000 Minimum job creation requirement: 50 |
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Advanced Sports, Inc. wholesale bicycle sales, official Fuji brand bikes www.fujibikes.com Investment amount: $1,500,000 Minimum job creation requirement: 30 |
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Temple University Health System new administrative headquarters for major hospital group www.templehealth.org Investment amount: $13,000,000 Minimum job creation requirement: 260 |
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List Associates leasehold improvements to a building for Wordsworth Academy, a school for disabled and handicapped children www.wordsworth.org Investment amount: $6,500,000 Minimum job creation requirement: 130 |
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Rhoads Industries industrial services to military and other manufacturers www.rhoadsinc.com Investment amount: $7,000,000 Minimum job creation requirement: 140 |
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ARFA Oil Company purchase of fuel storage terminal Investment amount: $2,000,000 Minimum job creation requirement: 40 |
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K.P. Grant leasehold improvements to a building for Home Care Hospice Investment amount: $2,500,000 Minimum job creation requirement: 50 |
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Agusta Aerospace Corp. helicopter manufacturing www.agustausa.com Investment amount: $15,000,000 Minimum job creation requirement: 300 |
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Aker Philadelphia Shipyard, Inc. shipbuilding www.aker.com Investment amount: $20,000,000 Minimum job creation requirement: 400 |
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Comcast Corporation telecommunications www.comcast.com Investment amount: $26,000,000 Minimum job creation requirement: 520 |
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Science Center scientific research www.sciencecenter.org Investment amount: $20,000,000 Minimum job creation requirement: 400 |
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Navy Yard redevelopment of buildings at former Naval Base www.navyyard.org Investment amount: $14,500,000 Minimum job creation requirement: 290 |
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Good Shepherd-UPHS acute care hospital and rehabilitation facility www.goodshepherdrehab.org www.pennhealth.com Investment amount: $ 9,000,000 Minimum job creation requirement: 180 |
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Day and Zimmerman architecture, engineering and construction services www.dayzim.com Investment amount: $ 2,500,000 Minimum job creation requirement: 50 |
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Cintas uniform specialists www.cintas.com Investment amount: $ 7,500,000 Minimum job creation requirement: 150 |
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Spa Blue salon and medical spa sevices Investment amount: $ 4,500,000 Minimum job creation requirement: 90 |
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Hotel Palomar Kimpton boutique hotel www.kimptonhotels.com Investment amount: $ 6,000,000 Minimum job creation requirement: 120 |
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| Union Trust Restaurant Philadelphia's steak house Investment amount: $ 5,500,000 Minimum job creation requirement: 110 |
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| Agusta Aerospace Corp. helicopter manufacturing www.agustausa.com Investment amount: $15,000,000 Minimum job creation requirement: 300 |
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CREI-Chestnut Towers hotel www.creirealestate.com/index.php Investment amount: $12,500,000 Minimum job creation: 250 |
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Pennsylvania Convention Center convention center www.paconvention.com/home2/expansion/ |
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Back to Top
Current Projects Open to Investors
Please note that all PIDC Regional Center projects currently open for investment are detailed in the confidential offering materials. Please contact an authorized PIDC Regional Center agent to inquire about the availability of our current open projects and the related offering materials, or contact us.
How to Apply
All prospective investors should contact us to inquire about the availability of our current open projects and the related offering materials. All agreements and forms are available to the investor for review prior to making any investment decisions. Documents are written in English to comply with U.S. law. Translations are available in many languages.
Sample Investor Documents Required for Petition
The USCIS requires that investors prove: 1) that the source of the invested capital is "lawful," and, 2) that the investor has a "level of income" or has accumulated sufficient wealth that would enable the investor to invest.
An investor's "self-serving" declarations are not enough to satisfy USCIS requirements for proof of either lawful source of funds or sufficient funds to invest. Independent evidentiary proof must support all declarations.
Because the Philadelphia U.S. Immigrant Investor Fund requires that the investor deposit the complete investment and processing fee of $539,000 into a protected escrow account before the I-526 is submitted, the investor does not have to provide any further proof that he or she has sufficient funds for the investment. However, all claims to the source of funds must be properly and thoroughly supported with documentary of evidence of how the money was earned as well as possession of sufficient funds or assets with which to support himself or herself upon entry into the U.S.
An investor should prepare as much of the following types of documentary evidence (copies are sufficient) for both the investor and the investor's spouse, as relevant to his or her financial status.
Financial Documents
Source of Funds
The investor must prove that the funds come from a lawful source, such as: profit or earnings from a business, the profits or proceeds from the sale of real estate, or the profits or earnings from stock or other investments. Inheritance, gifts or loans are allowed as a source of funds under the law. If the investment funds are from a gift, then the financial information regarding the person giving the gift must be provided. Evidence may include but need not be limited to bank statements, stock certificates, and any loan or mortgage documents, promissory notes, security agreements or other evidence of borrowing which is secured by assets of the applicant.
Transfer of Funds
The investor must provide evidence that the capital investment of $539,000 has been placed in an escrow account prior to filing the application. The escrow account is established in a protected account with a bank in the U.S. or overseas.
Financial Statements
Financial information that evidences a net worth of at least U.S. $1 million. Evidence can include bank statements, documents showing ownership in real estate or a company–accompanied by an appraisal of value and registration of ownership. Other examples of evidence include a gift statement, a loan statement, etc.
Personal Documents
Passports
Copies of passport for each member of the family must be provided. Passports must be valid for travel to the United States and must have at least 6 months validity beyond the issuance date of the visa. Household members can include husband, wide, and all unmarried children under the age of 21.
Employment and Business Documents
Information regarding the investor's education, employment history, and business experience are required, including but not limited to résumés, diplomas, and business registrations.
Family Certificates
Copies of birth, marriage (or divorce) certificates must be provided for all individuals applying for a green card under the investor's application, including spouse and children under the age of 21 at the time of application. For birth certificates, one certified copy of the birth certificate for each person named in the application should be submitted. Birth records must be presented for all unmarried children under the age of 21 even if they do not wish to immigrate at the time. For marriage certificates, one certified copy of the marriage certificate or proof of termination of any previous marriage(s) must also be submitted (e.g., death certificate of spouse, final decree of divorce or annulment).
Police Certificates
Each visa applicant 16 years or older is required to submit a police certificate from the police of each locality of the country of the applicant's nationality or current residence, or where the applicant has resided for at least 6 months since turning 16. Police certificates are also required from all other countries where the applicant has been arrested for any reason, and must be of recent date when presented. Police certificates must cover the entire period of the applicant's residence in any area.
Court/Prison Records
Persons who have been convicted of a crime must obtain a certified copy of each court record and of any prison record, regardless of subsequent benefit from an amnesty, pardon or other act of clemency.
Military Records
A certified copy of any military record should be submitted.
Photographs
Two color photographs in passport style are required. No head covering or dark glasses should be worn.
